The National Settlement Depository (NSD) has received the status of a Service Bureau of the Financial Messaging System of the Bank of Russia (SPFS).
NSD’s aim is to develop a single convenient and safe application, a messaging hub, that supports different remote channels such as SPFS, SWIFT, and Transit.
According to the NSD, Russia’s small- and mid-sized banks, banks of the Eurasian Economic Community, and Russian corporations will be interested in using the Service Bureau’s service.
One of the key advantages of the service is the ability to reduce client costs to create and maintain infrastructure.
NSD proposes that companies use SPFS via its independent IT platform, which is set to enable participants to interact quickly and safely.
The minimum functionality of the SPFS Service Bureau will include automatic format conversion and financial message transmission.
Meanwhile, fees for Service Bureau services will depend on traffic volume and will include a one-time connection fee and a monthly service fee.
Alexander Nam, managing director for IT Services, NSD, said: “For NSD, SPFS is a new interaction channel. Mainly, we will be offering the new service to clients of our SWIFT Service Bureau; these are approximately 70 companies from Russia and the CIS. Participants will select the most convenient way, depending on the counterparty, the transaction type, and the cost.”
Nam added: “The channel is being developed as part of our company’s strategy to create an integrated infrastructure Internet.”
.jpg)